Billionaire James Packer sported a huge black eye as he flew out of Sydney just hours after he met with rival TV boss and David Gyngell following their street brawl over the weekend.

Packer was seen smoking a cigarette in the tunnel on the way to Sydney Airport where he boarded a private Lear jet headed for Melbourne.

Earlier, the visibly bruised casino mogul made a dash across town to meet up with executives of Gyngell's rival station, the Seven Network.

The meeting came after a statement broadcast on the news of Gyngell's Nine Network, saying he had arrived on Packer's Bondi Beach doorstep 'angry'.

James Packer was visibly bruised after his public punch-up with David Gyngell outside his Bondi mansion

Unsightly: James Packer was left with a bruised and puffy left eye after his punch-up with TV boss David Gyngell

'Clearly had he not turned up at Packer’s premises in an angry mood, then the confrontation would never have occurred,' the statement said.

'[Mr Gyngell] fully accepts that he was the instigator of the incident. He respects the job police do and will co-operate fully with their investigation'.

Sydney police have confirmed they are now investigating the fight, although neither Packer nor Gyngell has filed a complaint.

Following Gyngell's public admission, Packer left his offices in Sydney city and was driven across town to an office owned by Seven Network boss, Kerry Stokes.

Wearing sunglasses to hide the bruising visible earlier in the day, Packer entered the building and remained for some time. Last month, Packer visited China in the company of Stokes and Australian Prime Minister, Tony Abbott, on a trade mission.

On a jet plane: Mr Packer was seen boarding his private jet for a flight to Melbourne on Tuesday afternoon

Earlier today, James Packer emerged from his Bondi Beach apartment for the first time following his epic punch-up with childhood friend David Gyngell that made world headlines.

The 46-year-old arrived at work at his Sydney city office showing a bruised and slightly swollen left eye.

Just before 9am, the casino boss left in a chauffeur-drive car from his $20m Sydney home, where a media pack has been camped out since his street brawl with TV boss Gyngell.

Packer was driven off in a car after his mother, Ros Packer, was also seen leaving the apartment. Mrs Packer had arrived at her son's home at 7.25am in a white BMW to see him before he reported for work.

Packer then arrived at the Sydney headquarters of Bauer magazines, where he has an office and which was the former stronghold of the Packer company, Australian Consolidated Press.

He entered the building via the loading dock entry, his 'black eye' clearly visible.

Sydney police have issued a statement saying, 'Eastern Suburbs Local Area Command has commenced an investigation into an incident that occurred about 2pm Sunday on Sir Thomas Mitchell Road near the intersection of Campbell Parade at Bondi Beach'.

James Packer's mother Ros leaves son James's Bondi apartment after visitng him this morning. Mrs Packer arrived at 7.25am and spent some time with the 46-year-old before he emerged from the Bondi apartment where he had been holed up in for more than 40 hours following his street brawl with Packer family friend, David Gyngell

The police said they had 'not yet received an official complaint but have appealed to any one who witnessed, or has vision or images of the incident, to contact' them.

In a bizarre twist, Packer neighbour Chris Walker has reportedly claimed on radio some teeth were found following the fight and one local resident had them in safekeeping.

'We did find some teeth,' he reportedly told FOX FM, 'we are assuming the teeth belong to the fight but nobody knows.'

Packer came to blows with Gyngell in the street on Sunday afternoon because he believed a camera crew from the network run by his childhood friend was trying to catch him with rumoured lover, model Miranda Kerr.

Gyngell, 47, had gone to the casino owner's $20million property in Sydney's Bondi Beach to reassure him after an exchange of heated text messages.

The pair immediately became embroiled in a profanity-laced argument which descended into blows.

Explosive pictures showed 46-year-old Packer and a bearded, bare-foot Gyngell pummeling each other repeatedly and wrestling on the ground before being pulled apart by a bodyguard.

Reports of the scuffle say Gyngell, the smaller of the two men, appeared to connect with Packer's eye in a left hook. Following the fight, Packer was seen walking off with his left eye puffy and his grey tracksuit pants marked with grass stains.

David Gyngell emerged from his home in a nearby suburb at around 6.30am this morning to set off for work at the Nine Network.

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James Packer sports a huge black eye following street fight with David Gyngell